Just In: Old notes still legal tender till 31st December 2023 – CBN
The Central Bank of Nigeria says the old N1000, N500, N200 remains legal tender and should not be rejected.
Recall that earlier the CBN alongside Federal Government agreed on February 10 as deadline but for Supreme Court judgement which was instituted by some State Governments, the court ruled 31st December 2023 as deadline.
Our Correspondent reports that traders have since been rejecting the old currencies, following the failure of the Apex bank to make a pronouncement.
Earlier, the Governor of CBN Godwin Emefiele, said he was waiting for advise from the legal team. However, today the Presidency, stated that its had not ordered the CBN not to comply with the Supreme Court’s decision, giving an indication that the Apex bank should do the needful, especially as Labour has threatened an industrial action.
Isa AbdulMumin, Acting Director, Corporate Communications of the CBN in a statement said the old currencies remain legal tender.
He urged all concerned to conform according with its recent directive.
The statement partly read, “Accordingly, the CBN met with the Bankers’ Committee and has directed that the old #200, 500 and 1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.
“Consequently, all concerned are directed to conform accordingly.”
Full Text: Press Release
Old N200, N500, and N1,000 banknotes Remain Legal Tender – CBN
In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court judgement of March 3, 2023.
Accordingly, the CBN met with the Bankers’ Committee and has directed that the old #200, 500 and 1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.
Consequently, all concerned are directed to conform accordingly.
Isa AbdulMumin
Ag. Director, Corporate Communication
